Wedbush Has Lowered Expectations for MongoDB (NASDAQ:MDB) Stock Price

MongoDB (NASDAQ:MDB) had its price objective cut by investment analysts at Wedbush from $360.00 to $300.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Wedbush’s target price suggests a potential upside of 13.58% from the company’s current price.

A number of other research firms have also commented on MDB. KeyCorp increased their price target on MongoDB from $330.00 to $375.00 and gave the stock an “overweight” rating in a research report on Thursday, December 5th. Citigroup increased their price objective on MongoDB from $400.00 to $430.00 and gave the company a “buy” rating in a research report on Monday, December 16th. Robert W. Baird decreased their price objective on MongoDB from $390.00 to $300.00 and set an “outperform” rating on the stock in a research report on Thursday. Bank of America decreased their price objective on MongoDB from $420.00 to $286.00 and set a “buy” rating on the stock in a research report on Thursday. Finally, Needham & Company LLC decreased their price objective on MongoDB from $415.00 to $270.00 and set a “buy” rating on the stock in a research report on Thursday. One analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $340.52.

MongoDB Trading Up 3.8 %

Shares of MDB opened at $264.13 on Thursday. The stock has a market cap of $19.67 billion, a PE ratio of -96.40 and a beta of 1.30. MongoDB has a 1 year low of $210.47 and a 1 year high of $424.00. The stock has a 50 day simple moving average of $263.70 and a 200-day simple moving average of $275.28.

MongoDB (NASDAQ:MDB) last released its quarterly earnings results on Wednesday, March 5th. The company reported $0.19 EPS for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.45). The business had revenue of $548.40 million for the quarter, compared to the consensus estimate of $519.65 million. MongoDB had a negative return on equity of 12.22% and a negative net margin of 10.46%. During the same quarter last year, the company earned $0.86 earnings per share. On average, sell-side analysts forecast that MongoDB will post -1.78 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CAO Thomas Bull sold 1,000 shares of the business’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $355.92, for a total transaction of $355,920.00. Following the completion of the sale, the chief accounting officer now owns 15,068 shares in the company, valued at $5,363,002.56. The trade was a 6.22 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Dwight A. Merriman sold 3,000 shares of the business’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $270.63, for a total value of $811,890.00. Following the sale, the director now owns 1,109,006 shares of the company’s stock, valued at approximately $300,130,293.78. This represents a 0.27 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 50,314 shares of company stock worth $13,337,753. Company insiders own 3.60% of the company’s stock.

Institutional Investors Weigh In On MongoDB

A number of hedge funds and other institutional investors have recently made changes to their positions in MDB. Norges Bank acquired a new stake in shares of MongoDB in the fourth quarter valued at approximately $189,584,000. Jennison Associates LLC raised its position in shares of MongoDB by 23.6% in the third quarter. Jennison Associates LLC now owns 3,102,024 shares of the company’s stock valued at $838,632,000 after buying an additional 592,038 shares in the last quarter. Marshall Wace LLP acquired a new stake in shares of MongoDB in the fourth quarter valued at approximately $110,356,000. Raymond James Financial Inc. acquired a new stake in shares of MongoDB in the fourth quarter valued at approximately $90,478,000. Finally, D1 Capital Partners L.P. acquired a new stake in shares of MongoDB in the fourth quarter valued at approximately $76,129,000. 89.29% of the stock is currently owned by institutional investors and hedge funds.

MongoDB Company Profile

MongoDB, Inc, together with its subsidiaries, provides general purpose database platform worldwide. The company provides MongoDB Atlas, a hosted multi-cloud database-as-a-service solution; MongoDB Enterprise Advanced, a commercial database server for enterprise customers to run in the cloud, on-premises, or in a hybrid environment; and Community Server, a free-to-download version of its database, which includes the functionality that developers need to get started with MongoDB.